Blueprint Medicines (NASDAQ:BPMC) Rating Reiterated by Wedbush

Blueprint Medicines (NASDAQ:BPMC - Get Free Report)'s stock had its "outperform" rating reiterated by stock analysts at Wedbush in a research report issued on Friday, Benzinga reports. They presently have a $110.00 price target on the biotechnology company's stock. Wedbush's price objective points to a potential upside of 18.28% from the stock's previous close.

Other equities research analysts also recently issued research reports about the company. JMP Securities reissued a "market outperform" rating and set a $114.00 price target on shares of Blueprint Medicines in a research report on Wednesday, April 10th. Citigroup raised their price target on Blueprint Medicines from $54.00 to $65.00 and gave the stock a "sell" rating in a research report on Friday, February 16th. Stifel Nicolaus upped their price objective on shares of Blueprint Medicines from $95.00 to $97.00 and gave the stock a "buy" rating in a research report on Tuesday, January 9th. Barclays raised their target price on shares of Blueprint Medicines from $58.00 to $70.00 and gave the company an "equal weight" rating in a report on Tuesday, February 13th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $97.00 price target on shares of Blueprint Medicines in a research report on Friday. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $91.57.

Blueprint Medicines Stock Performance

Shares of BPMC traded up $2.27 during midday trading on Friday, reaching $93.00. 725,952 shares of the stock were exchanged, compared to its average volume of 763,933. The stock's 50 day simple moving average is $90.79 and its 200 day simple moving average is $78.80. The company has a market cap of $5.69 billion, a P/E ratio of -11.12 and a beta of 0.63. Blueprint Medicines has a twelve month low of $43.89 and a twelve month high of $101.00. The company has a quick ratio of 3.66, a current ratio of 3.76 and a debt-to-equity ratio of 1.60.

Blueprint Medicines (NASDAQ:BPMC - Get Free Report) last issued its quarterly earnings data on Thursday, February 15th. The biotechnology company reported ($1.82) earnings per share for the quarter, topping the consensus estimate of ($2.04) by $0.22. Blueprint Medicines had a negative net margin of 203.30% and a negative return on equity of 191.56%. The business had revenue of $71.96 million during the quarter, compared to analysts' expectations of $67.34 million. During the same quarter in the previous year, the company earned ($2.65) EPS. The business's revenue was up 85.5% on a year-over-year basis. On average, sell-side analysts expect that Blueprint Medicines will post -5.41 earnings per share for the current year.

Insider Buying and Selling at Blueprint Medicines

In other news, insider Christopher K. Murray sold 5,000 shares of the business's stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $100.00, for a total transaction of $500,000.00. Following the sale, the insider now directly owns 24,495 shares in the company, valued at $2,449,500. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Blueprint Medicines news, Director Jeffrey W. Albers sold 25,073 shares of Blueprint Medicines stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $87.28, for a total transaction of $2,188,371.44. Following the transaction, the director now directly owns 176,050 shares of the company's stock, valued at approximately $15,365,644. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher K. Murray sold 5,000 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the insider now directly owns 24,495 shares of the company's stock, valued at approximately $2,449,500. The disclosure for this sale can be found here. Over the last three months, insiders sold 92,289 shares of company stock worth $8,314,163. 3.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blueprint Medicines

A number of hedge funds and other institutional investors have recently made changes to their positions in BPMC. Norges Bank bought a new position in Blueprint Medicines during the 4th quarter worth approximately $55,893,000. Polar Capital Holdings Plc lifted its holdings in Blueprint Medicines by 108.0% in the third quarter. Polar Capital Holdings Plc now owns 1,040,000 shares of the biotechnology company's stock valued at $52,229,000 after buying an additional 540,000 shares during the period. Rock Springs Capital Management LP boosted its position in Blueprint Medicines by 22.8% during the third quarter. Rock Springs Capital Management LP now owns 2,685,294 shares of the biotechnology company's stock valued at $134,855,000 after acquiring an additional 498,622 shares during the last quarter. Avidity Partners Management LP grew its holdings in Blueprint Medicines by 81.1% during the 3rd quarter. Avidity Partners Management LP now owns 751,600 shares of the biotechnology company's stock worth $37,745,000 after acquiring an additional 336,600 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in shares of Blueprint Medicines by 2,788.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 269,658 shares of the biotechnology company's stock worth $24,873,000 after acquiring an additional 260,321 shares in the last quarter.

About Blueprint Medicines

Blueprint Medicines Corporation, a precision therapy company, develops medicines for genomically defined cancers and blood disorders in the United States and internationally. The company is developing AYVAKIT for the treatment of systemic mastocytosis (SM) and gastrointestinal stromal tumors; BLU-263, an orally available, potent, and KIT inhibitor for the treatment of indolent SM, and other mast cell disorders.